Money managers under the microscope
News and views on the fund industry and elsewhere:
City’s bankers tour Europe to reassure investors over future - Daily Telegraph
UK banks may need further state bailout - Reuters
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
The Lehman derivatives muddle – FT Alphaville
Ex-AIG chief Cassano back in U.S. – Reuters
Hedgie dies in escalator fall - Fox News
Swiss hit Lansdowne to lure Hedgies – Swisster
Irish FinMin on the hedge fund backing anti EU-campaign – Irish Times
In English, that essentially means funds that don’t go down much when the market falls (we don’t seem to mind if a fund matches the market during a bull market).
On Monday 47 Degrees North, a firm backed by the Guinness family’s (of brewing fame) investment office, said it had launched a fund investing in electricity markerts, Middle Eastern and North African equities, insurance-linked securities and volatility arbitrage which is designed to have low correlation to equity markets.